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On December 31, Year 1, Pineapple Company borrowed $98,000 on a 11%, 10-year note with annual installment payments of $9800 plus interest due on December
On December 31, Year 1, Pineapple Company borrowed $98,000 on a 11%, 10-year note with annual installment payments of $9800 plus interest due on December 31 of each succeeding year. On December 31, the principal amount was recorded as a long- term note payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, Year 12 (Round your answer to nearest whole number.) O $20,580 $10,780 $19,600 $9800
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